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  • Monument Mining Limited (MMY) has closed a transaction to sell its 100 per cent interest in Monument Mengapur, its Malaysian subsidiary
  • The company sold Monument Mengapur to Fortress Minerals Limited
  • Monument Mengapur owns the Mengapur Copper and Iron Project in its entirety
  • The Mengapur Project is located in Pahang State, approximately 75 kilometres northwest from Kuantan
  • Monument Mining is unchanged on the day, with shares trading at C$0.12 at 1:10 pm ET

Monument Mining Limited (MMY) has closed a transaction to sell its entire 100 per cent interest in Monument Mengapur, its Malaysian subsidiary.

The company sold Monument Mengapur to Fortress Minerals Limited.

Monument Mengapur owns the Mengapur Copper and Iron Project in its entirety.

The Mengapur Project is located in Pahang State, approximately 75 kilometres northwest from Kuantan.

The sale of the Mengapur Project is part of Monument’s corporate restructuring to focus on the development of the company's gold projects in Malaysia and Western Australia.

Under the terms of the agreement, Monument received US$30 million cash consideration in full.

The deal also entitles Monument to a royalty of 1.25 per cent of gross revenue on all products produced at the Mengapur Project.

A finder’s fee of US$600,000 was paid out from the gross proceeds.

Proceeds from the transaction will be used for corporate and future gold project development.

Founded in 1997 and based in Vancouver, Monument Mining Limited is an established Canadian gold producer that operates the 100 per cent owned Selinsing Gold Mine in Malaysia.

Monument Mining is unchanged on the day, with shares trading at C$0.12 at 1:10 pm ET.

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